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$70.000 Minimum Wage, Anyone? Gravity Payments Dan Price Raises Minimum Wage

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Dan Price from Gravity Payments addressed the salary gap issue with a solution that shook the corporate world.

Raising the minimum wage of his employees — even his lowest paid clerk or salesperson — to $70.000 a year!

However, the true depth of this problem has only recently been plumbed thanks to political mobilization against income inequality. And the reality was exponentially worse than people could have even dared to surmise.

In fact, although the average American believes CEOs to make about 30 times as much as they do, the reality is that the head honchos earn roughly 331 times the wage of a run-of-the-mill employee.

As stated in an article on the Washington Post, the typical worker at McDonald's or Starbucks would take six months to earn what each company's CEO would make in a single hour.

And yet, the inertia against this horrifying pay gap problem is so pervasive that it took five long years for the US Congress to simply convince companies into making their salary data available.

Well, as it turns out, the head of a Seattle-based company pre-empted the rest of the business market in the search for a solution. Dan Price, CEO of Gravity Payments, doubled his firm's minimum wage – to mixed reactions from his employees and clients.

Moreover, he did so by inviting significant personal and professional hardships, all in a bid to make his employees' lives easier in a steadily expensive world.

Thus, in an effort to shed light on the various factors influencing Price's decision, as well as their aftermath, we have compiled a storydeck for our patrons and visitors.

This storydeck, published on SlideShare, not only discusses the specific situation of Price, but also the other side of the coin in this issue.

And so, CakeHR presents: “Gravity Payments CEO Dan Price Raises Minimum Wage”.


> > > Read the full story here: http://cake.hr/blog/70000-minimum-wage-anyone/

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$70.000 Minimum Wage, Anyone? Gravity Payments Dan Price Raises Minimum Wage

  1. Gravity Payments CEO Dan Price Raises Minimum Wage
  2. Capitalist World's Sore Spot
  3. US CEOs earn 331 Times as much as Average workers US CEOs earn 331 Times as much as Average workers
  4. 774 Times as much as Minimum Wage workers 774 Times as much as Minimum Wage workers
  5. US Government's Efforts
  6. 2010 – US Congress directed SEC to require public companies to provide information on ratio of CEO pay to average employee wages.
  7. Mandate put on hold after corporate executives strongly opposed it.
  8. Finally approved in August, 2015.
  9. Gravity CEO Dan Price's Solution To Pay Inequality?
  10. Raises minimum wage of all employees to $70,000/year
  11. His inspiration?
  12. “...The idea to almost double the minimum pay of my employees started after a friend shared how hard it is to pay rent and student loans and make ends meet on a $40,000 annual salary...” Dan Price, CEO.
  13. To track the pulse of the HR world, or follow up on latest workplace trends, visit our blog at http://cake.hr/blog/
  14. Skeptics branded Mr. Price as Socialist.
  15. Divided opinions among staff and clients.
  16. Partial Employee Support
  17. Mixed Emotions In Higher Ranked Staff
  18. Clients' Fears
  19. Some clients unhappy since they expect to suffer higher charges or poor customer service.
  20. Clients' Support
  21. Some remain loyal, while others who share same vision as Price also signing on with Gravity Payments.
  22. Business Sacrifices
  23. To enforce this raise, Dan Price reduced his salary from roughly $1 million to $70,000.
  24. Personal Sacrifices
  25. Dan Price now leasing his house to make ends meet.
  26. He's now being sued by his brother, Lucas Price, on charges of ignoring the latter's rights as minority shareholder before making this decision.
  27. Other Side Of The Coin
  28. Some claim extent of pay gap problem to be exaggerated.
  29. Even if only 0.8% of Americans earn Minimum wage according to statistics, CEOs still earn 331 times more than Average workers.
  30. So, are you with Mr. Price? Or are you part of the other side of the coin?

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